Wednesday, 2 October 2019

When you save money in a bank savings account the interest is calculated continuously

When you save money in a bank savings account the interest is calculated continuously. This involves using a formula with e. Assume that the annual interest rate is 3%. If you make a one-time deposit of $6,800 into this type of bank savings account, a.) What will be the total value in the account at the end of 14 years and 9 months? (3/4 credit) b.) What will be the amount of the interest earned at the end of 14 years and 9 months? (1/4 credit)
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